Bitcoin Surges to Six-Week Peak at $93,500
Bitcoin has reached a six-week high, with its price climbing by six percent to $93,455 (approximately Rs. 79.8 lakh) on international exchanges, according to CoinMarketCap. In India, Bitcoin’s value surged nearly seven percent in the last 24 hours, trading at about $93,680 (around Rs. 80 lakh). This upward trend was mirrored by most altcoins, which also saw increases in value. Analysts attribute this rally to heightened institutional buying and a significant influx of funds into Bitcoin spot ETFs.
Institutional Buying Fuels Bitcoin Surge
The recent surge in Bitcoin’s price is largely attributed to increased institutional interest. Alankar Saxena, Co-founder and CTO of Mudrex, noted that Bitcoin spot ETFs have experienced net inflows exceeding $700 million (approximately Rs. 5,984 crore), contributing to a total of over $1 billion (around Rs. 8,549 crore) in inflows this week alone. This influx indicates a growing confidence among institutional investors. Additionally, a decline in exchange inflows suggests reduced selling pressure, which has helped build momentum for Bitcoin’s price increase. The Fear and Greed Index currently stands at ‘Neutral,’ signaling that retail investors are beginning to re-enter the market, further supporting the bullish trend.
Ether and Altcoins Experience Significant Gains
Ether has also seen a remarkable rise, increasing by 14 percent on international exchanges within the last 24 hours. At the time of reporting, Ether was trading at $1,800 (approximately Rs. 1.53 lakh) globally, while Indian exchanges listed it at $1,815 (around Rs. 1.55 lakh). Despite a significant correction of nearly 65 percent over the past four months, Ether has managed to defend a crucial support level at $1,350 (approximately Rs. 1.15 lakh). Analysts from the ZebPay Trade Desk highlighted that Ether faces strong resistance at $1,750 (around Rs. 1.49 lakh). If it successfully breaks above this level, there is potential for further gains, with projections suggesting a rally up to $2,100 (approximately Rs. 1.79 lakh).
Overall Market Performance and Economic Factors
The overall cryptocurrency market cap surged by 6.95 percent over the past day, reaching $2.94 trillion (approximately Rs. 2,51,25,195 crore), as reported by CoinMarketCap. Favorable macroeconomic conditions have contributed to this positive market response, particularly as the US dollar index fell to a three-year low at 98.29. This decline has created a more favorable environment for crypto assets. Additionally, the appointment of Paul Atkins as SEC Chairman has been viewed positively, indicating a potential shift toward a more constructive regulatory approach. However, experts caution that volatility may still be a concern in the near future.
Broader Market Trends and Investor Sentiment
The cryptocurrency market is witnessing a revival, with renewed interest in AI-focused coins, meme coins, and projects tied to real-world assets. Riya Sehgal, a Research Analyst at Delta Exchange, noted that remarks from Treasury Secretary Scott Bessent and former President Trump regarding a de-escalation in the US-China trade dispute have improved the broader risk environment. This positive sentiment has lifted both traditional equities and digital assets. However, not all cryptocurrencies are experiencing gains; some, including Binance Coin, Leo, Stellar, Status, and Ardor, saw declines on Wednesday. As the market evolves, investors are advised to remain cautious and informed about potential risks.
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